As an employer or director, you might want to show appreciation to your team or treat yourself with a little something now and then. But did you know there’s a way to provide small, tax-free perks without triggering a tax liability? Trivial benefits are a great way to do just that. Here’s a straightforward guide…
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As Christmas approaches, many businesses are gearing up for their annual staff Christmas party. While it’s a great way to reward your team and celebrate the year, there are a few tax implications to keep in mind to ensure your party doesn’t come with an unexpected bill. Here’s a straightforward guide to help you understand…
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In his opening remarks, Jeremy Hunt said his priorities are stability, growth and public services. Stability – Stability is about reassuring the market. The Chancellor announced the following new, ‘fiscal rules’ that public sector debt must be falling as a percentage of GDP by the end of a rolling 5 year period, and net public sector…
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At face value, it seems like a great idea. If you’re a small business owner with just a few employees, you probably think that hiring a payroll specialist is an expense that you can avoid. You feel that you can handle it yourself. You have the best intentions to keep your staff paid right and…
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Back to Tax Basics: How does PAYE work? Once you become an employer, you’ll need to set up a pay-as-you-earn (PAYE) scheme. All businesses that employ people earning above the National Insurance (NI) lower earnings limit (£120 per week) must register with HM Revenue & Customs (HMRC) as an employer and operate their own PAYE…
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NI Increase / Social Care Levy The governement have announced that all rates of national insurance contributions and income tax on dividends will increase by 1.25 percentage points from 6 April 2022. This increase in rates will be rebranded as the ” health and social care levy” with effect from April 2023 and kept separate…
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Budget 2021 So today (3rd March 2021) the Chancellor has released his 2021 budget. Here are the details as announced so far with more to come over the next few days. If you prefer your updates by video click the play button below. The Furlough Scheme He has announced that the Job Retention Scheme, otherwise…
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Sick pay for self-isolation during Coronavirus If you are an employer, here is a great article / guidance regarding this courtesy of the ICPA and ACAS As of 13 March 2020, employees and workers who self-isolate must receive any Statutory Sick Pay (SSP) due to them from the first day they’re absent from work if it’s because:…
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What is the Job Support Scheme? On 22 October 2020, the Chancellor announced further changes to the Job Support Scheme by expanding it into two schemes, Job Support Scheme (Open) for use by business that can continue to trade and Job Support Scheme (Closed) for those that are legally obliged to cease trading under Tier…
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Check your tax code – And what to do if it is wrong The tax code is fundamental to the operation of the PAYe system. The tax code represents the allowances (or ‘tax-free pay’) to which an employee is entitled, or, where the code is a K-code, the additional income that the employee is treated…
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